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Arweave ‘building something incredible’, parts reach 100%

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Arweave (AR), a blockchain project aimed at providing users with a decentralized storage solution, has experienced high price volatility coupled with recent uptrends.

Over the past seven days, the token has surged by over 105% and over the monthly period, its price has increased by over 274%.

Arweave’s bullish momentum

After peaking at $91 in November 2021, Arweave price entered an extended downtrend. Throughout 2022, Arweave’s (AR) price trajectory has been on a downward trend, falling below $30 in February and hitting a 52-week low of $7.21 in June, where it has stabilized.

However, positive developments emerged in August and September 2023, including a notable event where Community Labs injected $30 million into Arweave’s platform. This injection also led to a slight increase in price.

On February 28, the price of Arweave (AR) surged more than 40% from its opening price of $19 to a high of $27.

This rise is a continuation of an upward trend that began on February 3, when AR reached a low of $7.80, representing a remarkable 247% increase from the current high .

The notable price rise in less than 30 days can be attributed to various factors. Arweave, known for its decentralized storage solution, runs on AI-enabled blockchains. Having recently processed over 3.2 billion transactions, it has received considerable attention from investors.

Additionally, the recent price rise could also be linked to the launch of Arweave AO, a new initiative aimed at significantly improving the protocol’s scalability and computing capabilities.

Sam Williams, one of the co-founders of Arweave, unveiled the Arweave AO protocol as an advanced computing framework. Its goal is to facilitate parallel executions for proof-of-stake calculations and meet the growing demands of social media and AI applications on the blockchain.

Recent advancements in technical improvements and fundamental advancements have fueled the increase in the price of Arweave’s AR tokens.

The protocol has efficiently processed substantial data and is currently running a testnet to amplify scalability. At the time of writing, AR is trading for $31.65, marking a 22-month high.

Filecoin

Filecoin (FIL), another player in the decentralized storage space, has also seen decent gains recently. It currently trades at around $10.38 per FIL/USD, with a market cap of around $5 billion and a trading volume of over $1.1 billion, according to CoinGecko data.

Over the past month, Filecoin (FIL) has seen a strong price increase of over 100%. A milestone was its partnership with Solana, signaling a move away from conventional centralized storage approaches towards a more secure, scalable and reliable decentralized model.

This alliance aimed to improve Solana’s infrastructure, positioning it as a robust competitor to Ethereum (ETH) through improved decentralized storage capabilities.

Analysts have provided various price predictions for Filecoin in 2024. The bullish predictions suggest a potential rise to $15 soon, depending on market dynamics and investor sentiment. In April 2021, Filecoin reached its all-time high of $236.84,

FIL tokens aim to enable access to decentralized storage services on the Filecoin network, allowing users to secure data storage by paying for services and incentivizing miners to contribute storage resources.

The network uses Proof of Replication (PoRep) and Proof of Space-Time (PoSt) consensus mechanisms to ensure blockchain security and data reliability through data mining processes.

Looking ahead, long-term price projections for Filecoin appear optimistic, with some forecasts predicting a high of $60.20 by the end of 2030. This positive outlook is driven by the project’s integration of the feature of EVM-compatible smart contracts on the Filecoin network, expanding opportunities. for decentralized applications and strengthening its appeal for developers.

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